South Africa’s business confidence climbs to five-month high in July

South Africa’s business confidence climbed to its highest level in five months in July helped by a firmer currency, falling inflation and an increase in vehicle sales, a survey showed on Tuesday.

The South African Chamber of Commerce and Industry’s monthly business confidence index accelerated to 95.3 in July from 94.9 in June. It was the highest level since February 2017.

The business group said the main contributors to the improvement were made by higher vehicle sales, more building plans passed, lower inflation and higher share prices.

Africa’s most industrialised economy slipped into recession in March, while political scandals and policy uncertainty, including a no-confidence vote against President Jacob Zuma later today, have dampened investment.